Any person authorized by the Oregon Beef Council to receive or disburse moneys as provided in this chapter shall file with the council a fidelity bond executed by a surety company authorized to do business in this state. The bond must be in an amount equal to the maximum amount of moneys the council determines the person will have subject to control at any one time and upon such conditions as the council shall prescribe. The council shall pay the cost of the bond. [1959 c.685 §17; 2005 c.22 §410]